CPE News (7/6/2021) – Novacap has acquired undisclosed stake in Canada Diagnostic Centres (CDC). CDC’s leadership led by founder and President Lorne Paperny and shareholders will remain in place.
With a total of 18 outpatient clinics in Alberta and British Columbia, Canada Diagnostic Centres provides care during 500,000 patient-visits annually for such services as ultrasound, mammograms, X-rays, MRI, CT scans, and image-guided pain management.
photo credit: Canada Diagnostic Centres
News Release
Canada Diagnostic Centres and Novacap partner to accelerate the national expansion of one of Canada’s largest medical imaging groups Français
MONTREAL, July 6, 2021 /CNW Telbec/ – Novacap, one of Canada’s leading private equity firms, today announced it has invested in Canada Diagnostic Centres (CDC), an Alberta-based provider of medical imaging services, and one of the largest companies of its kind in Canada. Novacap intends to support CDC’s goal to expand its services from coast to coast, reinforcing their reputation as a leading diagnostic imaging provider in Canada.
With a total of 18 outpatient clinics in Alberta and British Columbia, CDC provides care during 500,000 patient-visits annually for such services as ultrasound, mammograms, X-rays, MRI, CT scans, and image-guided pain management. Thanks to a sophisticated physician-led management team, the Centres have a robust operation in the competitive Alberta landscape.
CDC’s leadership and shareholders will remain in place, leveraging the investment from Novacap to pursue their goal of providing patients throughout Canada with access to top level care and technology.
“I am incredibly proud of the high-quality patient care provided by my colleagues at CDC, including my fellow physicians, our superb team of technologists, and many other valued staff. We are very pleased to have Novacap recognize and support this work, and help us to extend the reach of this commitment to exceptional patient care further into other provinces and across Canada” said Dr. Robert Davies, Medical Director and CEO, CDC.
“Such an investment opens new doors and turns our ambitions into tangible objectives. We plan to start looking for great partners in other provinces who share our vision for quality, timely access to these services, and are interested in being part of a national collaboration of professionals making positive differences in patients’ lives,” said Lorne Paperny, President and Founder, CDC.
Novacap shares CDC’s vision to create a physician-led national champion in diagnostic imaging and image-guided procedures.
“Today we announce a significant partnership with these exceptional radiology clinics. Our teams are committed to making CDC’s vision come to life and to build its Canada-wide practice from their headquarters in Calgary,” said Marc Paiement, Senior Partner, Novacap. “This marks Novacap’s third investment in Alberta in the last 12 months and reaffirms our interest in growing partnerships in Western Canada,” he added.
“Our investment in CDC is Novacap’s second into the growing and diverse medical imaging sector,” said Heather Shantora, Principal at Novacap, overseeing healthcare operations. “With the health care needs of Canadians continuing to grow over time, we believe that every province can benefit from CDC’s high standards of quality and service.”
Deloitte acted as the advisor for CDC.
About Novacap
Founded in 1981, Novacap is a leading Canadian private equity firm with more than C$8B of AUM that has invested in more than 100 platforms and 150 add-on acquisitions. Applying its sector-focused approach since 2007 in TMT, Industries and now Financial Services, Novacap’s deep domain expertise can accelerate company growth and create long-term value. With experienced, dedicated investment and operations teams as well as substantial funding, Novacap has the resources and knowledge to build world-class businesses. Novacap has offices in Brossard, Quebec and Toronto, Ontario. For more information, please visit novacap.ca.
About Canada Diagnostic Centres
Every year 5,700 practitioners refer nearly 500,000 patients to Canada Diagnostic Centres (CDC) and trust their expert radiologists and clinicians to perform more than a million tests. CDC has worked to build that trust every day since opening its first clinic in 1993. Today, with more than 500 expertly trained professionals in 18 clinics across Alberta and British Columbia, CDC provides patients with services that include ultrasounds, mammograms, X-rays, MRI, CT scans, and image-guided pain management. For more information, please visit canadadiagnostics.ca.
SOURCE Novacap Management Inc.
For further information: Novacap: Sean McKinnon, NOVACAP, +1 450-651-5000 ext.291, smckinnon@novacap.ca